THE IMPACT OF THE ENERGY CRISIS: The euro zone entered into a mild recession in 1Q 2023, as revised data showed a 0.1% q-on-q contraction during the period, following an also 0.1% contraction in Q4 2022. https://t.co/f2vULHAcIY

— Javier Blas (@JavierBlas) June 8, 2023

It’s a small price to pay for gay marriage in Donetsk.

Europeans need to get better at shutting their filthy mouths and supporting democracy.

Reuters:

The euro zone economy was in a technical recession in the first three months of 2023, data from European statistics agency Eurostat showed on Thursday, after downward revisions of growth in both the first quarter and the final quarter of 2022.

Gross domestic product (GDP) for the 20-country euro zone fell by 0.1% in the first quarter compared with the fourth of 2022 and was 1.0% up from a year earlier, Eurostat said in a statement.

That compared with flash estimates of growth of 0.1% and 1.3% published on May 16. Economists polled by Reuters had forecast on average respectively zero and 1.2% expansion.

The revision was principally due to a second estimate from Germany’s statistics office showing that the euro zone’s largest economy was in recession in early 2023.

The contraction in Ireland’s economy widened to 4.6% from a preliminary estimate of 2.7%, although this negative was due to the impact of large multinationals on growth there.

The euro zone figure for the fourth quarter of 2022 was also cut to -0.1% from a previous reading of zero.

A recession had been expected towards the end of last year as the euro zone wrestled with high energy and food prices and as a post-pandemic spending boom faded, but initial estimates had suggested the region had avoided this.

Time to buckle up your bootstraps, bucko.

We’re in the long war against the ideology of totalitarianism, i.e., white heterosexuals.

Nothing is ever going back to normal, especially because we’re also at war with the weather and so on.

We’re turning the world into a block of ice by eating bugs.

Stop crying, bucko.

Mild 😂😂😂

— neslihan demir (@yatutarsa3454) December 5, 2022

No one could have predicted this.

During the virus hoax, top economists predicted the government could just keep printing money forever with no problem.

When the Russia sanctions were implemented, top economists said they would only hurt Russia (destroy their economy and quickly force them to withdraw from the Ukraine).

This is all a big mix-up…!

Reuters:

Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed.

S&P Global’s final composite Purchasing Managers’ Index (PMI) for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November from October’s 23-month low of 47.3, matching a preliminary estimate.

Anything below 50 indicates contraction.

“A fifth consecutive monthly falling output signalled by the PMI adds to the likelihood that the euro zone is sliding into recession,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

“However, at present the downturn remains only modest, with an easing in the overall rate of contraction in November means so far the region looks set to see GDP contract by a mere 0.2%.”

Economists gave a median 78% chance of a recession in the bloc within a year in a Reuters poll last month and predicted the economy would contract 0.4% this quarter.

With demand falling again and scant prospect of an imminent turnaround firms scaled back on hiring – the employment index slipped to 51.8 from 52.5. Unemployment in the region dipped to 6.5% in October, official data showed on Thursday.

People must be aware this is happening, no?

Somehow, there are no mass protests against this lunatic war against Russia.

We forecast deep recession for the Euro zone. German data have been far stronger than we expected and – compared to key survey data – German GDP is levitating currently. This leviation will inevitably end. Firms have completely stopped investing and consumer spending will weaken. pic.twitter.com/LNEI1XLZAB

— Robin Brooks (@RobinBrooksIIF) December 3, 2022

Bank of Ireland Governor Gabriel Makhlouf expects the euro zone to endure a technical recessionhttps://t.co/LKPoxbTP2l pic.twitter.com/DBOHArPUui

— BSurveillance (@bsurveillance) December 5, 2022

Euro zone business activity contracted at the fastest pace since late 2020 in October as high inflation and fears of an intensifying energy crisis hit demand, according to a survey, suggesting the bloc is heading for a winter recession https://t.co/nlmXtWiGng pic.twitter.com/IRvliaLMaR

— Reuters (@Reuters) November 4, 2022

It’s funny how they slow-roll this stuff in the media.

The Daily Stormer is basically a spoiler alert website, where we tell you what the media is going to be saying a couple years before they say it.

Reuters:

The downturn in the euro zone economy has deepened as high inflation and fears of an intensifying energy crisis hit demand, adding to evidence the bloc is heading for a winter recession.

A closely-watched survey showed euro zone October business activity contracted at the fastest pace since late 2020. German industrial orders also slumped more than expected in September as foreign demand sank, putting Europe’s largest economy on course for recession.

S&P Global’s final composite Purchasing Managers’ Index (PMI) for the euro zone, seen as a good guide to economic health, fell to a 23-month low of 47.3 in October from September’s 48.1, albeit just above a preliminary 47.1 estimate.

Anything below 50 indicates contraction.

“The final euro zone PMIs for October paint a clear picture of falling activity and sky-high inflation,” said Jack Allen-Reynolds at Capital Economics.

“While it does not yet point to the 0.5% q/q contraction that we have pencilled in for Q4, the new orders and future output PMIs suggest that worse is to come.”

Asked what type of recession the euro zone would endure, 22 of 46 respondents in an October Reuters poll said it would be short and shallow while 15 said it would be long and shallow. Eight said it would be short and deep and only one said it would be long and deep.

In France, the bloc’s second biggest economy, earlier data showed industrial output declined in September although its PMI indicated services sector growth slowed less than initially forecast in October.

Spanish services sector activity contracted for the second straight month in October, weighed down by high inflation again, its PMI showed.

…

With no end in sight to the Russia-Ukraine conflict, nearly 65% of 34 respondents in the October Reuters poll said the cost of living in the euro zone would worsen or worsen significantly.

Since Russia’s invasion of Ukraine in February, energy costs have soared and with winter nearing several European governments have announced new measures to limit the increase in prices.

“The input and output price PMIs remain extremely strong. While they have fallen from their recent peaks, they are a very long way above their previous highs,” Allen-Reynolds said.

“The upshot is that Europe looks set for a painful winter of weak activity and strong inflation.”

No one is explaining how this won’t spiral totally out of control. There is no reason why that wouldn’t happen, and they are not saying why or how. They’re just saying “oh, it’s gonna be a little recession” now that there already is a massive downturn.

Deep Euro zone recession is coming. This is what's going on with manufacturing in the two biggest Euro zone economies: Germany (lhs) & France (rhs). Forward-looking orders – inventories (blue) are down to 2008 levels & headline indices (black) are following those down rapidly… pic.twitter.com/rnr6gTWLht

— Robin Brooks (@RobinBrooksIIF) November 3, 2022